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Wednesday, February 25, 2009

Barney Frank versus the Northern Trust

Barney Frank is getting all horny over the Northern Trust throwing a lavish promotion for its PGA event. Barney needs to shut the hell up.

First, the Northern Trust is NOT a troubled bank, it was not one of the players causing the meltdown of our financial system.

For some reason, perhaps it was a rare attempt to reward GOOD BEHAVIOR, Federal Reserve Chairman Bernanke and former Treasury Secretary Paulson ASKED the Northern Trust to take a share of the TARP funds. If Barney Frank wants to do some bitch slapping, he needs to hunt down Paulson and Bernanke.

The Northern Trust is part of the solution and NOT part of the problem. Under TARP, Northern Trust sold the U.S. Treasury $1.6 billion in preferred stock and warrants. The company pays the Treasury $19.7 million in dividends each quarter. The U.S. Government will get no less than 100% of OUR TAXPAYER DOLLARS back from the Northern Trust. My guess is the U.S. Government will make quite a profit on the deal and it will help offset losses on the TARP money “loaned” to the troubled banks.

The Northern Trust’s PGA event is “business as usual” and requires no apology. It is good for their business, and it is good for the charities that rely on the Northern Trust.

As an interesting historical perspective, on March 6, 1933, Franklin D. Roosevelt
closed all the banks in the United States. When they reopened, the people in line outside the Northern bank offices were there to deposit money instead of withdraw it. Some things haven’t changed.

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